Popeyes Louisiana Kitchen Inc. bought the fried-chicken restaurant chain's recipes from the family of founder Al Copeland for $43 million on Monday, the company said. Until now, Popeyes was paying annual royalties of $3.1 million to Diversified Foods and Seasonings LLC, a company owned by Copeland's estate, for the recipes, Popeyes said.

Diversified Foods will continue to supply Popeyes with proprietary spices and other products under a licensing agreement that was extended Monday.

"With the cooperation of the Copeland family, this transaction now brings important intellectual property -- Popeyes' core recipes -- under brand ownership for the first time in our company's history," chief executive Cheryl Bachelder said. "Popeyes now owns its recipes in perpetuity for use worldwide and has clarity of supply and pricing terms through the balance of the supply agreement. We thank the Copeland family for reuniting these treasured recipes with the brand Al Copeland Sr. created."

Popeyes, a giant in global fast-food fried chicken, was founded by Copeland in 1972, who opened the first restaurant in Arabi. Twenty years later, the company was acquired by AFC Enterprises Inc., which later changed its name to Popeyes Louisiana Kitchen. At the time, the Popeyes brand and the recipes were separated, with the restaurant chain using the recipes through an exclusive licensing agreement. Popeyes went public in 2001.

Al Copeland Jr. said Monday that the recipes deal "strengthens the relationship between the Copeland family and Popeyes."

"The transaction will allow DFS to focus on what we do best for Popeyes, producing and innovating the highest quality products, including cooked foods, spices and breading systems," Copeland said. "This agreement is right for Popeyes and right for the Copeland family."